![]() Bank of America and its affiliates are not tax or legal advisors. They are intended to provide a comparative tool for various consumer health care options and potential costs and savings of those options. The planning tools and information calculators are illustrative only, and accuracy is not guaranteed. The sponsoring employer or individual under an independent plan is solely responsible for ensuring such arrangements comply with all applicable laws. Tasks pursuant to an agreement with, and at the direction of, the sponsoring employer or individual under an independent plan. Bank of America acts solely as claims administrator performing administrative The programs are sponsored and maintained solely by the employer offering the plan, or by an individual establishing an independent plan. We recommend that applicants and employers contact qualified tax or legal counsel before establishing a HSA.īank of America does not sponsor or maintain the Flexible Spending Accounts (FSA) / Health Reimbursement Accounts (HRA) that you establish. HSA of an ineligible individual may also be subject to tax consequences. In addition, an employer making contributions to the If an individual/employee establishes a HSA and s/he is not otherwise eligible, s/he will be subject to adverse tax consequences. However, the account beneficiary establishing the HSA is solely responsible for ensuring satisfaction of eligibility requirements set forth in IRC sec 223. The HSA for Life is intended to qualify as a Health Savings Account (HSA) as set forth in Internal Revenue Code section 223. makes available The HSA for Life® Health Savings Account as a custodian only. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.īank of America, N.A. Bank of America recommends you contact qualified tax or legal counsel before establishing an HSA. You may be able to claim a tax deduction for contributions you, or someone other tahn your employer, make to your HSA. Any interest or earnings on the assets in the account are tax free. If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. Out of this strategic plan came the My Life, My Choices program and plans for the statewide electronic registry for ACP documentation.About Triple Tax Advantages: You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. Together, these organizations developed a strategic plan to promote advance care planning. Seeing the importance of this issue, the Foundation convened the interested stakeholders to see how they could work together to achieve their shared goal. In spring 2016, multiple letters of intent were submitted to the Foundation related to advance care planning and end of life wishes. These online resources include materials that help individuals have meaningful conversations about future health care wishes and instructions on how to document those wishes in an advance directive that can be shared with health care providers via the electronic registry. ![]() ![]() Decide who will speak for you if you are unable to speak for yourself and share this document with your loved ones and doctors.Īn interactive website that contains numerous resources to help support individuals as well as health care providers is available. Talk with loved ones before a medical crisis happens, so everyone has a shared understanding of your wishes. Think about your values, beliefs and goals and how they relate to your health care. ![]() The program promotes advance care planning (ACP) through three simple steps: Through a grant from the Foundation, the SC My Life, My Choices initiative was established with the goal to help all South Carolinians make informed decisions about their health care wishes. The Carolinas Center, a leading voice for quality end-of-life care and planning in the Carolinas, serves as fiscal agent this work and represents a number of hospice and palliative care providers in North and South Carolina. The Advance Care Planning committee is part of the SC Coalition for Serious Illness. ![]()
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